Lease Administration - Solutions
Full Service Lease Administration
A retailer wanted to lessen the administrative load on their corporate
staff so the real estate group could concentrate on planning and
transactions and the financial group could insure that real estate
accounting tasks were handled with the necessary expertise.
CRS conducted an operations review and designed a lease administration
program to strengthen the relationship between the client's real
estate and accounting groups. CRS created a new set of lease files
with detailed lease abstracts and established a database of lease
CRS took over the day-to-day lease administration responsibility,
reporting to both the real estate department and the accounting
department. In addition to handling lease-related correspondence and
the review and vouching of bills, escalations, and reconciliations;
CRS also calculated and prepared percentage rents due.
The CRS monthly reporting system enabled the client to quickly process
lease-related payments and track expenses, critical dates, and current
activities for all locations, helping to eliminate late fees and take
timely action on strategic plans. Billing errors of over $1.3 million
were detected and corrected prior to paying.